The Largest Herfindahl-Hirschman Index Possible Is _____,And the Industry Is

question 109

Multiple Choice

The largest Herfindahl-Hirschman index possible is _____,and the industry is a(n) _____.

• A)10;monopoly
• B)10,000;monopoly
• C)100,000;monopoly
• D)100,000;oligopoly

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Definitions:

Elastic

Describes a situation where the quantity demanded or supplied of a good changes significantly in response to price changes.

Demand

The willingness and ability of consumers to purchase goods or services at various price levels.

Revenue

The earnings a company garners from its principal operations, often through selling products and services to its clientele.

Supply

The total amount of a particular good or service that is available to consumers at a given price level in a given time period.